Transpetrol Ltd. v. Transol Olieprodukten B.V. - Q.B.D. (Com.Ct.) (Phillips J.) - 13 April 1988

C.i.f. oil contract - Timing of opening of letter of credit

This was a preliminary point of law as to whether the plaintiff buyers were entitled to damages for wrongful repudiation by the defendant sellers of a contract whereby the sellers agreed to supply to the buyers a quantity of sulphur fuel oil on c.i.f. terms. The sellers admitted that they refused to perform the contract, but they contended that they were entitled to do so because the buyers were in breach of condition in failing to procure the issue of a letter of credit within the time stipulated in the contract.